S&P CNX Nifty closes down 35.50 points - Indsec Securities

S&P CNX NIFTY 5870.10 (Down 35.50 Points)

The S&P CNX Nifty closed the day negative down 35.50 (0.60%) points at 5870.10 from 5905.60 Wednesday, on back of good volume. The market witnessed Nifty rolls at 59% and stocks at 71% both lower as compared to previous expiry. Major loser in S&P CNX Nifty were BHEL (-1.80%), GAIL (1.79%) and Asian Paints (-1.75%) whereas major gainers were Suzlon (+1.99%), Tata Motors (+1.01%) and Axis Bank(+0.91%).

The volume in the cash market for both NSE and BSE put together was up 42.65% to Rs. 163.00 bn from Rs. 114.20 bn Wednesday. The advance/decline ratio stood at 0.57:1 from 1.21:1 for stocks traded on NSE.

The S&P CNX Nifty on the hourly chart opened positive and remained range bound throughout the day, but came down sharply on account of VWAP selling in the last hour on account of f&o expiry. The RSI(14) on hourly chart faced resistance at the upper range of bearish band and came down to touch the lower range of bullish band.

The S&P CNX Nifty on daily chart has once again closed below the 1 - 3 - 5 trend line thereby showing resistance at the current levels. Going forward 5950 is likely to act as strong resistance area for the market to cross.

Source : Equity Bulls

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